Wateen HY Report Dec 2010.pdf

SELECTED NOTES TO AND FORMING PART OF THE
CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (UN-AUDITED)
FOR THE SIX MONTHS PERIOD ENDED DECEMBER 31, 2010
22. Provisions and write off
3 months to 6 months to
December 31, December 31, December 31, December 31,
2010 2009 2010 2009
(Rupees in thousand)
Trade debts written off - related parties 206,227 – 206,227 8,451
Provision for doubtful trade debts – other parties 249,574 – 249,574 9,822
Provision for doubtful advances
and other receivables
– related parties 439,859 – 439,859 –
– other parties 15,599 – 15,599 –
Provision for impairment of capital work in progress 353,515 – 353,515 –
Provision for impairment of goodwill on
acquisition of subsidiary company 5,765 – 5,765 –
Provision for obsolete stores and spares 271,998 – 271,998 –
23. Other income/ (loss)
1,542,537 – 1,542,537 18,273
Profit/(loss) on sale of fixed assets (6,709) – (6,798) 23,326
Rental income – 3,892 – 3,892
USF grant recognised as income (84,816) – 25,939 –
Other income/ (loss) (3,610) 6,271 4,247 7,477
24. Finance cost
(95,135) 10,163 23,388 34,695
Interest/markup 507,699 163,886 1,012,486 669,926
Cross currency and interest rate swap contracts cost 377,947 171,155 377,947 171,155
Amortization of ancillary cost of long term finance 22,301 – 44,602 –
Finance cost of leased assets 596 190 852 595
Bank charges, commission and fees 28,762 44,006 41,849 103,785
Exchange loss/(gain) (11,937) 323,160 41,250 310,650
925,368 702,397 1,518,986 1,256,111
Mark up on long term finance capitalised under
property, plant and equipment (117,196) (146,189) (234,392) (292,377)
25. Income tax charge/(credit)
808,172 556,208 1,284,594 963,734
Current (12,894) 4,310 3,747 8,621
Prior Period – – 2,601 –
Deferred (773,071) (291,944) (849,108) (583,889)
(785,965) (287,634) (842,760) (575,268)
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WATEEN TELECOM LIMITED half yearly report dec ‘10